Adani Wilmar shares fell for the seventh consecutive session today as amid a rout in the Adani Group stocks. Adani Wilmar shares opened 5% lower at Rs 421.45 on BSE. The stock was stuck in the lower circuit of 5%. The stock has lost 30.14% in the last seven sessions. Market cap of Adani Wilmar plunged to Rs 52,039 crore on BSE. Adani Wilmar stock is trading lower than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. With today’s fall, the stock is down 35.17 percent in 2023 and lost 33.28 per cent in a month.
A total of 0.13 lakh shares of the firm changed hands, amounting to a turnover of Rs 53.43 lakh on BSE.
Check Share Price Live: Adani Wilmar
Abhijeet from Tips2trade said, “The withdrawal of the Adani Enterprises FPO has expectedly resulted in a sharp fall in Adani group stocks including Adani Wilmar. Rs 544 is a very strong resistance on the Daily charts. A decisive daily close below Rs 540 support has now opened up to the possibility of a fall till Rs 363. Investors should now buy only if Daily close is above resistance of Rs 489.”
Adani Wilmar will announce its Q3 earnings on February 8, 2023.
Meanwhile, in a negative development for the Adani Group, S&P Dow Jones Indices said it would exclude Adani Enterprises from widely used sustainability indices with effect from February 7.
Subsequently, shares of Adani Enterprises hit 15 per cent lower circuit limit at Rs 1,330 in early trade today. Other group stocks too declined, after NSE decided to place Adani Ports & SEZ and Ambuja Cements, along with Adani Enterprises, under additional surveillance measures framework.
Adani Enterprises shares hit 15% lower circuit on Dow exclusion, other Adani group stocks bleed
On February 1, Swiss lender Credit Suisse’s private banking arm assigned a zero- lending value for notes sold by Adani Ports and Special Economic Zone, Adani Green Energy and Adani Electricity Mumbai Ltd. It had previously offered a lending value of about 75% for the Adani Ports notes, a Bloomberg report said.
The report also said that Credit Suisse’s private bank has stopped accepting bonds of Gautam Adani’s group of companies as collateral for margin loans to its private banking clients.
Subsequently, Adani Enterprises stock crashed 35 percent intraday on February 1. Other group stocks followed suit.
After market hours on February 1, the flagship firm of Adani Group called off its Rs 20,000-crore follow-on public offer (FPO) and said money would be returned to investors.
Adani Ports logs 11% rise in January cargo volumes; shares hit fresh 52-week low
In late January, a report by Hindenburg Research alleged accounting frauds, stock manipulations and money laundering by the Adani Group.The Group called Hindenburg report as maliciously mischievous and unresearched, which, it said, adversely affected the Adani Group, its shareholders and investors. But Billionaire investor William Ackman in a tweet said he found short-seller Hindenburg Research’s report on Adani Group “highly credible and extremely well researched.”
Adani Group had said that the timing of the Hindenburg report’s publication clearly betrays a brazen, mala fide intention to undermine the group’s reputation with the principal objective of damaging the follow-on public offering from Adani Enterprises, which is the biggest FPO ever in India.